Seib & Wessel: Obama’s Tricky Fed Timing

8/2/2013 11:10AM

If Obama wants Larry Summers for the Fed job this fall, he might have to spend some political capital to get the nomination through -- just as he faces a heated budget battle on Capitol Hill. And a fight over the next Fed chief may be one fight too many.

This transcript has been automatically generated and may not be 100% accurate.

the ... so ... it's August ... Twinkies term is up to the end of January ... what happens ... when the question is does present Obama wanna spend whatever political capital has left fighting ... to give the Fed chairman for the mean you know theoretically in in in in the past burning key was a semi controversial is re ... nomination east of the seventy votes ... to President and when the door of the meadow campaign around the country to confirm ... Larry Summers you think that the Democrats in the Senate was really holding cans Larry Summers's Brock Obama ... nominee and I think that with this um um but maybe not or ... maybe not as many is the person ... I'd be happy to vote against it and was the letter that they send in favor of the one I mean I think that was just an implicit threat that they might and let's not forget ... it's not like Larry Summers and have Republicans lining up to vote him ... so and I think you might have to study really can be tied to get my dentist that delays might have to spend political capital to get his guy and that job so is this done before lenders can go on for months ... I mean I think there might be an announcement ... around Labor day but it is funny as this storm ... settled over Washington this week ... the White House is counted in pushing out the likelihood of ... when and in Aspen isn't it comes to what might actually happen sometime ... sometime after that the CIA to keep the context of the fall in mind is this gonna be a big showdown on spending ... Republicans Democrats are miles apart how much money spent ... is going to be some accommodation for lack of accommodation ... on raising the debt ceiling if there's a fight over the past destabilizing to the markets I just wonder how many senators what a throw into the ... upbeat economic instability ... mix this to the fall ... of the real fight over the Fitzroy said that if I may be going on now because people know they have to have to retreat once ... this year that we might have to rely on the wisdom of ... Congress and Senate to kind of carriers through a turbulent time and I also think that I think this is actually harmful to the Fed man who can see ... this very public spectacle of people taking sides politically charged accusations of ones too close to Wall Street ... exhibitions of sex isn't it puts the Fed chairman job in a much more high visible ... political sense that it was even increase spending has the potential to become harmful the markets which could play into how the Senate deal with that ... there is uncertainty ... the uptick in the fall when all these other issues are propping up about Iran this important institution next year ... then I feel we could start to see markets are ... reacting to ... it and also once a prison makes his decision ... didn't have the sense of winners and losers right one of the candidates might ... end up being seen as a loser and isn't deal of animosity and irritation ... why the president or data as opposed to ... people kind of embracing more of the carrier's ... Dion doesn't but I wonder how long she sticks around he actually can have all the women at that and the Fed board of governors leaving